Africa is in a state of transition with some sectors on an unprecedented growth trajectory. This boom is not only restructuring the continent’s economies but also providing lucrative opportunities for both domestic and foreign investors. Nigeria has especially been at the forefront, making great headway in these emerging sectors. Here’s why.
Fintech
Africa is really redefining financial technology. The fintech boom is nothing short of a revolution, and Nigeria is its beating heart. With over $2 billion pumped into the sector in 2024, Nigerian fintech companies are changing the game. Companies like, Moniepoint, a homegrown startup, is now a ‘unicorn’, a term reserved for companies valued at over $1 billion. Not to mention giants like Flutterwave and Paystack, whose payment solutions are making waves globally.
Kenya’s M-Pesa remains a pioneer in mobile money, transforming how millions access financial services. South Africa’s TymeBank is also making strides in digital banking, while Egypt’s Fawry is dominating the e-payments space. Together, these countries are driving a financial inclusion movement that is unparalleled globally.
Agribusiness
Agriculture has gone beyond hoes and shovels. In Nigeria, agritech companies like ThriveAgric are turning farming into a high-tech, high-reward industry. By leveraging data, mobile apps, and sustainable practices, they’re helping farmers boost yields, increase incomes, and tackle climate change.
Agriculture has been Nigeria’s biggest sector, contributing over 20 percent to the nation’s GDP.
But Nigeria is not the only player. Kenya’s Twiga Foods is revolutionising food distribution, connecting farmers directly to markets. In Rwanda, Zipline uses drones to deliver medical supplies and agricultural inputs to remote areas. Meanwhile, South Africa’s Aerobotics is using AI to help farmers optimise crop production. These innovations are proving that agriculture can be both profitable and sustainable.
Renewable Energy
Africa’s energy crisis has been a stumbling block for too long. But the tide is turning. Solar, wind, and hydro projects are springing up across the continent, offering affordable and sustainable energy solutions. Nigeria is at the forefront, with the government actively courting investments in renewable energy.
Morocco’s Noor Ouarzazate Solar Complex is one of the largest solar farms in the world, while Kenya’s Lake Turkana Wind Power project is proof to the country’s commitment to clean energy. South Africa, too, is making significant strides with its Renewable Energy Independent Power Producer Procurement Programme (REIPPPP). These efforts are powering industries and creating jobs.
E-Commerce
Online shopping is no longer a luxury, it is now a way of life. Nigeria’s e-commerce sector is exploding, with platforms like Jumia, Konga, and PayPorte leading the charge. The market is projected to hit a whopping $10 billion, and it is easy to see why.
South Africa’s Takealot and Kenya’s Kilimall are also thriving, offering consumers a wide range of products and services. Egypt’s Souq.com (now acquired by Amazon) has also been a game-changer in the region. These platforms are breaking down barriers and connecting local businesses to global markets.
Healthcare
Africa’s healthcare system has long been plagued by challenges, but digital innovation is changing the game. In Nigeria, telemedicine and mobile health apps are beginningto bring healthcare to remote areas, bypassing infrastructure gaps and doctor shortages.
Read also: Research, innovation, technologies should drive Africa’s agriculture – Sierra Leone president
Other countries are also leading the charge. Rwanda’s partnership with Zipline for drone-delivered medical supplies has been a global success story. Kenya’s M-Tiba platform is revolutionising healthcare financing, while South Africa’s Discovery Health is leveraging AI to improve patient care.
Real Estate
Early numbers from the ongoing Gross Domestic Product (GDP) and Consumer Price Index (CPI) rebasing shows that real estate has displaced oil and gas as Nigeria’s third largest sector.
Africa is urbanising at breakneck speed, and Nigeria is no exception.
Kenya’s Vision 2030 is driving massive infrastructure projects, including the Konza Technopolis, dubbed “Africa’s Silicon Savannah.” In Egypt, the New Administrative Capital shows the country’s ambitious urban development plans. South Africa’s property market, particularly in Cape Town and Johannesburg, continues to attract global investors.
Entertainment
Nigeria’s entertainment industry is taking the world by storm, with artists like Burna Boy and Wizkid dominating global charts and Nollywood films captivating audiences worldwide.
South Africa’s film industry is gaining international acclaim, with movies like The Woman King and Blood & Water. Kenya’s music scene is also thriving, with artists like Sauti Sol putting East Africa on the map. South Africa’s Amapiano sound is taking over global playlists.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
